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Norway's central bank again keeps key rate unchanged at 0.50 pct

Xinhua, October 27, 2016 Adjust font size:

Norway's central bank said Thursday that its executive board decided in its latest meeting to keep the key policy rate unchanged at 0.50 percent again as economic developments since September do not differ substantially from the projections.

Expected policy rates among trading partners have risen slightly since the monetary policy meeting in September and overall capacity utilization in the Norwegian economy appears to be broadly as projected, Norges Bank said in a statement.

At the same time, oil prices have increased somewhat more than assumed and the krone has appreciated, it said.

House prices and household debt have risen somewhat more than projected. Consumer price inflation has been lower than expected, according to the bank.

"Overall, developments since September do not differ substantially from the projections in the September Monetary Policy Report. This implies that the key policy rate remains unchanged at this meeting," Oystein Olsen, governor of Norges Bank, was quoted as saying.

The central bank's executive board said on Sept. 22 that it had decided to keep the key policy rate unchanged at 0.50 percent as the country's economy is experiencing a moderate growth.

In Norway, the key policy rate, also called the sight deposit rate, is the interest rate on bank deposits up to a quota in Norges Bank. Changes in Norges Bank's key policy rate will normally have a strong impact on short-term money market rates and on banks' deposit and lending rates.

The Norwegian central bank's next rate decision will be announced on Dec. 15. Endit